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Payroll fraud schemes can be costly. According to a 2024 Association of Certified Fraud Examiners (ACFE) study, the median loss generated by payroll fraud incidents is $50,000. It’s essential to know the payroll schemes making the rounds and how to prevent them – or at least catch them before they go on very long.

Common threats

Here are brief descriptions of some common payroll fraud threats:

Ghost employees. Perpetrators add made-up employees to the payroll. The wages of these “ghost employees’ are deposited in accounts controlled by the fraudsters.

Excessive payments. Here, employees receive overtime pay by inflating their work hours.

Payroll…

Running a business in Ohio is no small feat. Balancing time, resources, and priorities can be challenging. Amid all this, accounting tasks often become overwhelming, eating into time that is better spent on strategic growth and core business activities.

This is where outsourcing your accounting needs can make a significant difference. At Holbrook & Manter, we specialize in providing services that are designed to meet the unique needs of an business owner. By partnering with a trusted firm like us, you can unlock a host of benefits that streamline your operations and set your business up for long-term success.

Why…

After successfully navigating the start-up phase, your business has a strong foundation for growth. At the growth stage, business and financial advisory services become essential. Focus on these two key areas to elevate your company to the next level.

1. Financial and tax reporting 

Businesses in the growth stage usually have more sophisticated financial reporting needs than start-ups. As a result, those who previously relied on cash or tax-basis accounting methods may need to graduate to accrual-basis methods and start following U.S. Generally Accepted Accounting Principles (GAAP).

Lenders and investors may require CPA-prepared financial statements, which include the…